As state officials in New York scrambled to re-group following the collapse of the Delaware North plan to build a casino at Aqueduct racetrack, at least one of the former bidding groups said it would be interested in making a new bid on the long-stalled project.
The long-stalled Aqueduct casino project will now be facing yet another delay, as the company that won the rights to develop the facility is telling the state it cannot meet a deadline to make its $370 million franchise fee payment.
The New York Racing Association lost a five-year-old lawsuit Feb. 24 when the state's highest court refused to hear its appeal in a case potentially worth millions of dollars in back simulcasting payments to the racing entity.
The company selected to operate video lottery terminals at Aqueduct said there are a host of unresolved issues, including restructuring its financing deal, before it can close on a final agreement with the state of New York to begin construction on the long-delayed facility.
The New York Racing Association is projecting a surplus next year, its first since 2000, despite an estimated drop in handle at its three racetracks brought on by the economic downturn. But regulators Dec. 22 were unconvinced about some of the optimistic forecasts, and deferred approving NYRA's 2009 budget.
New York state officials finally gave Delaware North approval to build and operate a video lottery casino at Aqueduct. The racetrack will house New York City's only legal casino, which could generate tens of millions for purses and breeders' awards.
New York is joining other states in cracking down on steroid use in horse racing, state regulators announced Oct. 14.
"For the sake of the betting public, we want to do everything in our power to ensure that racing runs on a level playing field," said John Sabini, chairman of the New York State Racing and Wagering Board, in a statement. "By imposi...
The nation's financial crisis has stepped up efforts to prod state government in New York to select an operator for the long-stalled video lottery terminal casino at Aqueduct, and launched a renewed effort to bring VLTs to Belmont Park.
The New York Racing Association, created more than 50 years ago to bolster the Thoroughbred industry, took on a new life Sept. 12 with the formal approval by the state of a new 25-year franchise to exclusively operate Aqueduct, Belmont, and Saratoga racetracks.
State lawmakers in New York have backed off on a looming law raising the takeout on bets made on out-of-state Thoroughbred races, a move the industry said would have put the state at a competitive disadvantage with other states.
The New York Racing Association has been granted another temporary extension to continue operating during most of the Saratoga meet while it negotiates a final deal with the state for a 25-year franchise.
The bill is fairly minor in nature, enacting a series of mostly technical amendments to a law approved earlier this year giving NYRA a 25-year extension to run Aqueduct, Belmont Park, and Saratoga. But NYRA officials have said they could not resolve its bankruptcy proceeding without it.
The still-stalled franchise extension for the New York Racing Association, a new steroid testing lab, and a company to run a casino at Aqueduct Racetrack are all still on the negotiating table June 23 when lawmakers in New York return to the Capitol for the final days of the 2008 legislative session.
Lawmakers in New York have given final approval of a deal in which the state takes over the control of the New York City Off-Track Betting Corp, a move that could be a prelude to consolidation of all the OTBs across the state.
New York officials announced the evening of June 15 a deal to avert the closure of New York City Off-Track Betting Corp. by having the state take over the entity. The move could be a prelude to a statewide consolidation of all OTB corporations.
The state of New York will take over the operations of the New York City Off-Track Betting Corp., Gov. David Paterson announced June 13, as part of a broader plan that could end up consolidating all of the state's OTBs.
Negotiators in New York the afternoon of June 13 were putting the final touches on legislation in which the state would take control of the New York City Off-Track Betting Corp., thereby averting a shutdown of the city's betting operations for the weekend.
Negotiators are eyeing a plan to have the state of New York take over the running of New York City Off-Track Betting Corp., which is threatening to shut down this weekend unless a revenue sharing structure is changed.
New York Gov. David Paterson said all options â€" including a takeover by the state or the New York Racing Association -are on the table if a deal is not struck by this weekend (June 14-15) to keep open the New York City Off-Track Betting Corp.
With the clock ticking on the closure of the New York City Off-Track Betting Corp., officials from the Bloomberg administration are stepping up their calls for industry stakeholders to compromise on a bill or face the loss of more than $100 million in OTB distributions.
New York Gov. David Paterson is sending mixed signals on whether he wanted to re-open talks with the New York Racing Association over its deal for a new franchise to operate Aqueduct, Belmont and Saratoga racetracks.
State officials are working on a plan to help keep the New York City Off Track Betting Corp. from shutting by shaving up to 20% of revenue-sharing the OTB now makes to various entities, including the New York Racing Association, out-of-state tracks, and breeding programs.
A major commercial real estate developer said April 28 it has combined forces with the Hard Rock Entertainment hotel and restaurant chain in a bid with New York state to operate a video lottery terminal casino at Aqueduct.
Officials cautioned that a delay in the New York Racing Association emerging from Chapter 11 bankruptcy protection is not a sign of a larger problem for the deal giving NYRA a new 25-year franchise extension.
Legislation giving the New York Racing Association a 25-year extension of its exclusive Thoroughbred franchise was signed Feb. 19, Gov. Eliot Spitzer said. Meanwhile, the mayor of New York City reiterated that New York City Off-Track Betting Corp. can't continue under its current arrangement with the state.
The New York Racing Association, written off as dead a year ago by its competitors, has won the rights to a 25-year exclusive franchise to continue operating Aqueduct, Belmont, and Saratoga racetracks.